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Acceptance of Electronically Documented Contracts for the Establishment of Limited Liability Companies

No: 391000083185 Date(g): 11/4/2018 | Date(h): 26/7/1439 Status: In-Force

Translated Document

In reference to the Ministry of Commerce and Investment telegram No. 30417 dated 05/06/1439 H regarding some amendments to the documentation of companies' bylaws, allowing these contracts to be documented electronically for limited liability companies with Saudi partners (not minors) or a Saudi individual or resident registered with a residency number.

SAMA confirms that finance companies must accept companies' bylaws for limited liability companies that have been documented electronically and do not contain notarization stamps but only the stamp of the Ministry of Commerce and Investment. Verification of the incorporation contract data should be conducted using the currently applicable service used by banks and financial institutions operating in the Kingdom or by visiting (Aamaly) Magazine at this link (attached is a model of company bylaw for reference).